Ryman Hospitality Properties Declares $1.20 Quarterly Dividend
Ryman Hospitality Properties, Inc. (NYSE: RHP), a hospitality REIT operating large-scale convention hotels and entertainment venues, declared a quarterly cash dividend of $1.20 per share. The company also announced it intends to pay minimum total dividends of $4.80 per share for 2026.
Ryman Hospitality Properties, Inc. (NYSE: RHP), a hospitality REIT operating large-scale convention hotels and entertainment venues, declared a quarterly cash dividend of $1.20 per share for the first quarter of 2026. The dividend will be paid on April 15, 2026, to stockholders of record as of March 31, 2026. Read more dividend announcements.
The $1.20 per share payment matches the company's previous quarterly dividend. For the full year 2025, Ryman declared total dividends of $4.65 per share, representing a 4.5% increase from 2024.
The company stated it intends to pay aggregate minimum dividends for 2026 of $4.80 per share, subject to future board determinations. Ryman's dividend policy provides for distribution of minimum dividends equal to 100% of REIT taxable income annually.
| Dividend Details | Date/Amount |
|---|---|
| Dividend Amount | $1.20 per share |
| Record Date | March 31, 2026 |
| Payment Date | April 15, 2026 |
| Frequency | Quarterly |
Record Fourth Quarter Performance
The dividend declaration follows a strong fourth quarter 2025, during which Ryman reported all-time quarterly record consolidated revenue of $737.8 million. The company's same-store Hospitality segment generated quarterly record revenue of $578.2 million, while the Entertainment segment delivered record fourth quarter revenue of $109.5 million.
Net income for the fourth quarter reached $74.5 million, with consolidated Adjusted EBITDAre of $224.3 million. For the full year 2025, the company generated record consolidated revenue of $2.6 billion, net income of $247.3 million, and consolidated Adjusted EBITDAre of $794.7 million.
Bookings and Pricing Strength
During the fourth quarter, Ryman booked over 1.2 million same-store Hospitality Gross Definite Room Nights for future periods. The estimated average daily rate for these bookings was approximately $299, a 6.1% increase compared to the prior year quarter and a new record for the company.
For the full year 2025, the company booked nearly 3.0 million same-store Hospitality Gross Definite Room Nights for all future periods, with an estimated ADR of approximately $292, up 3.5% from 2024.
Balance Sheet and Credit Facility
As of December 31, 2025, Ryman had unrestricted cash of $471.4 million and total debt outstanding of $3,976.9 million, net of unamortized deferred financing costs. The company had no amounts drawn under its revolving credit facilities, leaving $780.0 million of aggregate borrowing availability.
In January 2026, Ryman refinanced its corporate revolving credit facility, increasing the size from $700 million to $850 million and extending the maturity from May 2027 to January 2030. The amended facility maintained the same pricing terms as the previous agreement.
In December 2025, Fitch upgraded the company's corporate family rating to BB from BB-, and upgraded the senior secured credit facility to BBB- from BB+. The upgrade triggered an automatic 25-basis-point spread reduction on the company's Term Loan B, with the applicable interest rate margin on SOFR loans now set at 175 basis points.